Trade and Industry Minister Niveen Gamea witnessed on Tuesday 19/5/2020 the signing ceremony of a cooperation protocol between the Arab Organization for Industrialization (AOI) and and IT service provider to establish the biggest factory of fiber-optic cables in Egypt, Africa and the Arab region.
The factory will be established on an area of 50,000 feddans at the Suez Canal Economic Zone.
US ambassador to Egypt Jonathan Cohen and representatives of the Corning Incorporated Co. witnessed the signing ceremony via video conference
In a press release, AOI chairman Abdel Moneim al Tarras said the deal comes as part of the organization’s strategy to boost the industrial sector, localize technology and reduce imports in line with directives of President Abdel Fattah El Sisi.
He pointed out that Egypt took tangible steps to implement its digitization plan, adding that the project will provide jobs for young engineers and technicians.
Tarras said that his organization is keen to continue its production, while taking precautionary measures against the novel coronavirus.
The factory is expected to start its production in the third quarter of 2021.